MILAN, March 12 (Reuters) - U.S investment company Biglari Holdings said on Thursday it had acquired a 3.4% stake in Ferretti Group, as Czech investment group KKCG prepares to launch a partial tender
Biglari Holdings Buys 3.4% Stake in Ferretti Group as KKCG Eyes Tender Offer
Investment Developments in Ferretti Group
Biglari Holdings Acquires Stake
MILAN, March 12 (Reuters) - U.S investment company Biglari Holdings said on Thursday it had acquired a 3.4% stake in Ferretti Group, as Czech investment group KKCG prepares to launch a partial tender offer on the Italian yacht maker.
Biglari Holdings' Portfolio Overview
Biglari Holdings, founded by entrepreneur Sardar Biglari, has a diversified portfolio of investments, from energy group Abraxas Petroleum Corporation to restaurant chain Steak in Shake.
Statement from Biglari Holdings
"Ferretti Group represents a unique platform in the luxury yachting sector, and Biglari Holdings is proud to hold an investment in the company", the U.S. company said in an emailed statement, without providing further details.
KKCG's Tender Offer Plans
Earlier this year, KKCG launched an offer worth up to 182 million euros ($210.37 million) to double its 14.5% stake in Ferretti and push for changes to the board, whose members were selected by Chinese top investor Weichai.
Offer Timeline and Currency Note
The offer will start on March 16.
($1 = 0.8651 euros)
Reporting Credits
(Reporting by Elisa Anzolin, editing by Gavin Jones)
